In Week 2, you created a business plan for your NP practice (ATTACHED FILE NAME: BUSINESSPLANFOR NP). Please revisit your Business and Financial Research Project Part A. In Week 4, you created the mission, vision, and values for your business practice and conducted a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats of your business practice ATTACHED FILE NAME: 95500). Please revisit your Business and Financial Research Project Part B. (ATTACHED FILE NAME: WEEK4.R)
Your completed business plan should be 4–6 pages in length, double spaced. Make sure that the page count does not include the title page or reference list. Be sure to use formal writing mechanics. The assignment can include references, if necessary. You will likely need to conduct additional research outside of the learning materials provided.
This week, you are required to develop a simplified financial plan based on your Business and Financial Research Project Part A and Part B.
Your financial plan should include:
-List of services your practice provides.
-Estimate resources needed, startup costs, and capital requirement.
Estimate resources for implementing the business plan, including clinical site, office supplies, nursing supplies, medical equipment, license, insurance, legal services, accounting services, personnel and staffing, and nurses.
-Describe how you plan to finance your business.
Where does the money come from? Personal savings account? A loan from a bank? What are the terms and conditions? Sources of funds can include cash reserves, loans, grants, and capital campaign proceeds. If you are planning to take out a loan to finance your business, make sure that you include the interest expense in your projections.
-Prepare a 2-year hypothesized monthly operating budget (01/01/2031–12/31/2032)
The operating budget should include projected incomes and expenses. The projected incomes should include revenues from all services. It is important to list each significant revenue source. The projected expenses should include not only salary expenses but also non-salary expenses. The personnel expenses should include wages and salaries as well as fringe benefits.
Professor’s Tips:
Be realistic with your assumptions.
Take this as a real business plan for a new clinical service; provide the best estimates of all the numbers. Please explain how you come up with the estimates and provide necessary references if available.
Use Excel tables to present the data.
Review the sample business plan in your Buppert textbook (pp. 400–414).